Saturday, January 31, 2009

Hitachi to cut up to 7,000 jobs

Hitachi is to cut up to 7,000 jobs, as it warned it expects to make an annual loss of 700bn yen ($7.8bn; £5.5bn) because of a big fall in global sales. Hitachi said the job cuts would be made globally across its car equipment and electronics divisions.

The Japanese electronics and engineering group had previously predicted it would make a net profit of 15bn yen in the year to 31 March 2009.Hitachi is the latest Japanese firm to be hit by the global economic slowdown.